KO closes below its opening price unable to hold early session gains
The Coca Cola Company (KO) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
KO ended the week -1.16% lower at 46.08 after losing $0.27 (-0.58%) today. Today's closing price of 46.08 marks the lowest close since July 24th. Trading $0.21 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (KO as at Aug 10, 2018):
Friday's trading range was $0.46 (1.0%), that's slightly below last trading month's daily average range of $0.47. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Breaking below the key support level at 46.17 today, it is now likely to act as resistance going forward. After having been unable to move above 46.42 in the previous session, Coca Cola ran into sellers again around the same price level today, failing to move higher than 46.42.
Although the market is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.